Edeniq Gets $16 Million to Convert Biomass Into Cellulosic Sugar

(Bloomberg) — Edeniq Inc., a closely held biotechnology
company, received $16 million to expand its production of
cellulosic sugar from biomass.

The equity round was led by I2BF Global Ventures, which was
joined by investors including Draper Fisher Jurvetson, Angeleno
Group, The Westly Group and Nimes Capital, Visalia, California-based Edeniq said in a statement Tuesday.

Edeniq used a combined biological and mechanical process to
extract sugar from biomass that can be converted into ethanol
and specialty chemicals. The company owns a 2-ton-a-day plant in
California and is building a facility in Brazil for 10 times
that capacity with sugar-cane processor Usina Vale.

“Edeniq’s technologies are helping to solve the
industrywide shortage of low-cost, sustainable fuels and
chemicals,” Alexander Nevinskiy, a partner at I2BF, said in the
statement.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Steven Frank

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